Lexicon's planned name change will be submitted for shareholder approval at its upcoming annual shareholder meeting. The company has the goal of advancing 10 drug candidates into human clinical trials by 2010.
Lexicon has two proprietary compounds in human clinical trials and anticipates filing investigational new drug applications for two additional compounds in 2007.
Lexicon's operational realignment has been made possible by the scheduled completion of its Genome5000 program. Lexicon is reducing the financial and human resources applied to its genetic research efforts and will reallocate those resources to its drug development programs.
“We are reaching the successful conclusion of the Genome5000 program and have made the transition to drug development,” said Arthur Sands, president and CEO of Lexicon.
Phase I trials are ongoing for LX6171, Lexicon's oral drug candidate being developed to treat disorders characterized by cognitive impairment, such as Alzheimer's disease, schizophrenia or vascular dementia.
In addition, Lexicon recently initiated phase Ia clinical trials of LX1031, an oral drug candidate being developed for irritable bowel syndrome and other gastrointestinal disorders. In the second half of 2007, Lexicon expects to file investigational new drug applications for LX2931 in rheumatoid arthritis and for LX1032 in gastrointestinal disorders.